Economic Growth Foundation is located in Cleveland, OH. The organization was established in 2000. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Growth Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Economic Growth Foundation generated $2.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $2.5m during the year ending 12/2021. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND ADVANCE THE CIVIC, ECONOMIC, AND CULTURAL GROWTH OF GREATER CLEVELAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCLUSIVE OPPORTUNITY:ABUNDANT TALENT REQUIRES INCLUSIVE OPPORTUNITY. OUR FOCUS IS DIVERSITY AT ALL LEVELS OF ENTERPRISES, FROM TEAM MEMBERS TO THE EXECUTIVE SUITE AND OWNERSHIP. WE WORK WITH PARTNERS TO GROW MINORITY BUSINESS ENTERPRISES BY PROVIDING ACCESS TO CUSTOMER OPPORTUNITIES AND TARGETED ADVISORY SERVICES. WE EXPAND DIVERSITY IN MEDIUM AND HIGH-WAGE POSITIONS BY REDUCING BARRIERS, SHARING BEST PRACTICES ON WELCOMING ENVIRONMENTS, AND DEVELOPING MENTORSHIP NETWORKS. LASTY, WE PROMOTE DIGITAL EQUITY THROUGH DEVICE DONATIONS, AFFORDABLE BROADBAND ACCESS, AND DIGITAL LITERACY SUPPORT FOR ALL RESIDENTS. THE BELOW FURTHER HIGHLIGHTS OUR PRIORITIES:GROWING MINORITY BUSINESS ENTERPRISES: WE ARE FOCUSED ON INCREASING THE NUMBER, SCOPE, AND SCALE OF MINORITY-OWNED BUSINESSES OF ALL SIZES. THROUGH THE OHIO MBDA BUSINESS CENTER, BUSINESS GROWTH COLLABORATIVE, AND EMERGING DEVELOPERS INITIATIVES BUSINESSES CAN ACCESS TARGETED GROWTH RESOURCES AND ADVISORS. CUSTOMER OPPORTUNITIES ARE PROVIDED THROUGH SUPPLIER INITIATIVES SUCH AS COMMITCLE, THE INCLUSION MARKETPLACE, AND THE CONSTRUCTION DIVERSITY INITIATIVES. WE PARTNERED WITH A CLEVELAND BUSINESS JOURNAL TO LAUNCH A NEW AWARDS PROGRAM FOR ORGANIZATIONS THAT ARE BEST-IN-CLASS FOR DIVERSITY AND INCLUSION. THE AWARDS ARE BASED ON OUR EQUITY & INCLUSION ASSESSMENT. THE ANNUAL INCLUSION CONFERENCE HOSTED OVER 300 PARTICIPANTS AND OFFERED A WIDE VARIETY OF WORKSHOPS TO ATTENDEES. EGF OPENED THE OHIO MINORITY BUSINESS DEVELOPMENT AGENCY IN PARTNERSHIP WITH BUSINESS CHAMBERS ACROSS THE STATE. FUNDED BY THE DEPARTMENT OF COMMERCE, THIS AGENCY SUPPORTS SCALING OF MBES. IT LEVERAGES COMMITCLE, A PROGRAM KEY TO SCALING MINORITY-BASED ENTERPRISES AND RECEIVED PLEDGES FROM 22 COMPANIES TO SIGNIFICANTLY INCREASE SUPPLIER DIVERSITY. INCREASING WORKFORCE DIVERSITY: EGF SERVES AS A CONVENER AND RESOURCE FOR EMPLOYERS ON DIVERSITY, EQUITY, AND INCLUSION. OUR WORKSHOPS AND CONFERENCES INCLUDE QUARTERLY DIVERSITY PROFESSIONALS GROUP MEETINGS, THE ANNUAL INCLUSION CONFERENCE AND THE CEO FORUM SERIES, ENGAGING THE REGION'S LEADERS TO COMMIT TO ACTION ON RACIAL EQUITY AND INCLUSION. WE ALSO PROVIDE A SELF-ASSESSMENT TOOL TO HELP COMPANIES IDENTIFY THEIR STRENGTHS AND OPPORTUNITIES FOR IMPROVEMENT TOWARDS THEIR DIVERSITY GOALS. EGF PARTNERED WITH A SEATTLE BASED TECH APPRENTICESHIP PROGRAM BY BRINGING THEM TO CLEVELAND FOCUSING ON INCLUSIVE TECH TALENT DEVELOPMENT AND SKILLS-BASED REVIEW OF CANDIDATES. ENSURING DIGITAL EQUITY: EGF LEADS THE DEVICE DONATION AND ADVOCACY EFFORTS FOR THE GREATER CLEVELAND DIGITAL EQUITY COALITION, A COLLECTIVE INITIATIVE OF CLEVELAND'S CORPORATE, PHILANTHROPIC, GOVERNMENTAL, K-12, HIGHER EDUCATION, HEALTH CARE, WORKFORCE, AND COMMUNITY-BASED ORGANIZATIONS. THE COALITION SECURES DEVICE DONATIONS, ADVOCATES FOR AFFORDABLE, HIGH-QUALITY BROADBAND, AND PROMOTES DIGITAL NAVIGATORS TO ASSIST RESIDENTS IN BOTH ACCESSING THESE RESOURCES AND LEARNING HOW TO USE THEM. THE COALITION FOSTERS PUBLIC-PRIVATE PARTNERSHIPS TOWARDS THE GOAL OF 100% OF RESIDENTS BEING CONNECTED.
TALENT:DYNAMIC BUSINESSES NEED ABUNDANT TALENT TO GROW. OUR FOCUS IS WORK-BASED LEARNING FOR IN-DEMAND JOBS BOTH FOR TODAY AND INTO THE FUTURE. WE WORK WITH PARTNERS NOT ONLY TO INCREASE DEGREE AND CERTIFICATE PROGRAM ENROLLMENTS AND COMPLETIONS IN GROWTH SECTORS, BUT ALSO TO EXPAND INTERNSHIPS, APPRENTICESHIPS, AND CO-OPS AND SUPPORT FOR PARTICIPANTS THROUGH INDUSTRY-LED PARTNERSHIPS WITH EDUCATIONAL INSTITUTIONS AND TRAINING PROVIDERS. WE ALSO FOCUS ON BROADENING CAREER AWARENESS AMONG HIGH SCHOOL STUDENTS THROUGH EXPOSURE AND PLACEMENT PROGRAMS THAT BUILD PATHWAYS TO EMPLOYMENT. OUR AREAS OF FOCUS INCLUDE:INDUSTRY LED PARTNERSHIPS: SECTOR PARTNERSHIPS ARE DYNAMIC COLLABORATIONS OF EMPLOYERS, UNIVERSITIES, AND WORKFORCE PROVIDERS IN WHICH EMPLOYER-LED STRATEGIES DEVELOP AND CONNECT TALENT TO JOBS AND CAREER PATHWAYS. THROUGH THESE EFFORTS, WE ARE WORKING TO MEET IN-DEMAND INDUSTRY NEEDS AND SUPPORTING INCLUSIVE TALENT DEVELOPMENT AND ADVANCEMENT FOR SUSTAINABLE CAREER PATHS. PARTNERSHIPS HAVE BEEN LAUNCHED IN THE MANUFACTURING, INFORMATION TECHNOLOGY, HEALTHCARE, AND CONSTRUCTION SECTORS.WORK BASED LEARNING: INTERNSHIPS, APPRENTICESHIPS, AND OTHER EXPERIENTIAL LEARNING OPPORTUNITIES BENEFIT BOTH STUDENTS AND EMPLOYERS AND HELP THE REGION DEVELOP AND RETAIN TALENT FROM COLLEGES AND UNIVERSITIES. INTERNSHIPS AND CO-OPS AUGMENT CLASSROOM LEARNING WITH EXPERIENCE IN A PROFESSIONAL SETTING. APPRENTICESHIPS ARE SKILLS-BASED TRAINING PROGRAMS THAT CREATE DIVERSE TALENT PIPELINES FOR EMPLOYERS WHILE PROVIDING OPPORTUNITIES FOR INDIVIDUALS TO ATTAIN A POST-SECONDARY CREDENTIAL WITH A CAREER TRACK.CAREER EXPOSURE: EGF SUPPORTS COLLEGE AND CAREER READINESS FOR STUDENTS THROUGH PUBLIC-PRIVATE PARTNERSHIPS AMONG SCHOOLS AND EMPLOYERS. INITIATIVES INCLUDE SERVING AS AN ANCHOR ORGANIZATION FOR CLEVELAND'S PACE PROGRAM AND ENGAGING BUSINESSES THROUGH PROCORPS WHICH PROVIDES CAREER EXPOSURE, TRUE2U, WHICH PROVIDES EIGHTH-GRADERS SUPPORT TO EXPLORE THEIR STRENGTHS, AND ACADEMIES OF CLEVELAND, WHICH FOCUSES ON CAREER PATHWAYS THAT DRIVE ECONOMIC GROWTH.RITE: THE LEADING INDUSTRY-DRIVEN IT WORKFORCE ALLIANCE IN GREATER CLEVELAND AND THE TECH TALENT ARM OF EGF, IS DEDICATED TO BUILDING A DIVERSE AND SKILLED TALENT PIPELINE FOR IN-DEMAND IT CAREERS. RITE ACCELERATES THE DEVELOPMENT OF A QUALITY TALENT PIPELINE BY MOBILIZING EMPLOYERS, OPTIMIZING REGIONAL EFFORTS, AND DELIVERING PROGRAMMING. TO DATE, RITE HAS ENGAGED MORE THAN 130 REGIONAL EMPLOYERS, 46 STRATEGIC ALLIANCES AND PROGRAM PARTNERS THAT INCLUDE EIGHT INSTITUTIONS OF HIGHER EDUCATION, AND OVER 209 HIGH SCHOOLS IMPACTING 9,200 STUDENTS ACROSS THE REGION.
ADVOCACY:THE GREAT LAKES METRO CHAMBER COALITION IS A COLLECTIVE OF CHAMBERS OF COMMERCE ACROSS THE GREAT LAKES REGION THAT JOINTLY ADVOCATE ON CORE POLICY ISSUES, INCLUDING WATER QUALITY, IMMIGRATION REFORM, TRADE, AND TRANSPORTATION AND INFRASTRUCTURE. EGF IS A FOUNDING MEMBER OF THIS COALITION. THE ORGANIZATION CONTINUES TO STAFF AND LEAD THE COALITION'S WORK.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Hall Brian Svp, Equity & Inclusion | Officer | 40 | $287,470 |
Roman Joseph President (until 4/30/21) | Officer | 4 | $176,771 |
Cheverine Gina Mvp, Inclusion & Strategic Dev | 34 | $150,315 | |
Platt Craig Managing Dir., It Sector Pt | 40 | $142,068 | |
Nance Christopher Vp, Construction/inclusive Talent | 40 | $110,482 | |
Shah Baiju President & CEO (as Of 4/12/21) | Officer | 4 | $38,966 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Mckinsey & Company Inc Consulting Services | 12/30/19 | $250,000 |
Vertex Computer Systems Web Services | 12/30/19 | $129,261 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $73,004 |
All other contributions, gifts, grants, and similar amounts not included above | $1,820,161 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,893,165 |
Total Program Service Revenue | $936,999 |
Investment income | $1,898 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $2,832,062 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $404,390 |
Compensation of current officers, directors, key employees. | $17,924 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $890,225 |
Pension plan accruals and contributions | $30,163 |
Other employee benefits | $85,096 |
Payroll taxes | $64,637 |
Fees for services: Management | $0 |
Fees for services: Legal | $339 |
Fees for services: Accounting | $4,140 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $715,106 |
Advertising and promotion | $1,629 |
Office expenses | $26,254 |
Information technology | $23,259 |
Royalties | $0 |
Occupancy | $68,062 |
Travel | $7,395 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $49,993 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $8,163 |
Insurance | $7,376 |
All other expenses | $44,108 |
Total functional expenses | $2,536,728 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $978,783 |
Savings and temporary cash investments | $1,000,000 |
Pledges and grants receivable | $516,622 |
Accounts receivable, net | $51,074 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $50,000 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $7,150 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $10,633,719 |
Intangible assets | $0 |
Other assets | $51,635 |
Total assets | $13,288,983 |
Accounts payable and accrued expenses | $29,164 |
Grants payable | $0 |
Deferred revenue | $30,000 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $146,363 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $316,330 |
Total liabilities | $521,857 |
Net assets without donor restrictions | $10,679,360 |
Net assets with donor restrictions | $2,087,766 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $13,288,983 |
Over the last fiscal year, we have identified 5 grants that Economic Growth Foundation has recieved totaling $763,000.
Awarding Organization | Amount |
---|---|
Cleveland Foundation Cleveland, OH PURPOSE: CLEVELAND INNOVATION PROJECT | $488,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF CREATING ECONOMIC MOBILITY AND CAREER PATHWAYS | $250,000 |
Jack Joseph And Morton Mandel Foundation Cleveland, OH PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
George Gund Foundation Cleveland, OH PURPOSE: 81/21 PROJECT. | $8,000 |
Westfield Insurance Foundation Westfield Center, OH PURPOSE: SPONSORSHIP | $7,000 |
Organization Name | Assets | Revenue |
---|---|---|
Alternative Services Inc Livonia, MI | $7,366,865 | $19,260,282 |
Eastern Kentucky Concentrated Employment Program Inc Hazard, KY | $3,193,926 | $15,607,928 |
Berrien-Cass-Vanburen Workforce Development Board Inc Benton Harbor, MI | $2,581,468 | $13,721,312 |
Jobworks Inc Fort Wayne, IN | $2,850,480 | $13,765,612 |
Ohio Operating Engineers Apprenticeship Fund Columbus, OH | $28,221,332 | $11,797,420 |
Nueva Esperanza Philadelphia, PA | $22,032,264 | $12,218,705 |
United Labor Agency Inc Cleveland, OH | $1,262,964 | $7,870,324 |
Hobart Institute Of Welding Technology Troy, OH | $21,990,854 | $8,624,823 |
International Union Of Operating Engineers Local 324 Health & Welfa Troy, MI | $11,444,859 | $7,479,654 |
Eastern Atlantic States Carpenters Technical College Philadelphia, PA | $14,328,660 | $6,924,336 |
Michigan Statewide Carpenters And Millwrights Jatc Fund Lansing, MI | $41,111,289 | $11,191,955 |
Northeast Indian Works Inc Fort Wayne, IN | $1,136,996 | $7,211,329 |